Secrets Your Mortgage Broker Will Not Tell You

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You Don’t Need A High Credit Score

Source: https://www.moneyunder30.com

Most mortgage lenders require a credit score minimum of 680. This minimum is necessary to comply with the guidelines set by Fannie Mae and Freddie Mac, the two largest suppliers of home mortgage funds. For those who have experienced credit problems in the past, there is another option that your broker or lender may not tell you. Federal Housing Administration mortgage loans only require a minimum credit score of 620. You can qualify for a home loan at a competitive rate even without top credit scores. And the down payment requirement is less than a conventional mortgage. So check it out. Your government is there for the people. Good to know…